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VOL. 123 | NO. 129 | Wednesday, July 2, 2008

InMotion Interns Serve More Than Coffee

A central mission at InMotion Musculoskeletal Institute is to recruit the scientists who will run Memphis’ medical research labs in the future. But a growing internship program is proving that InMotion can grow its own future scientists by offering meaningful jobs to students and instilling them with a passion for the work.

MLGW Restructures Debt

Memphis Light, Gas and Water Division executives recently approached a group of Memphis City Council members with a seemingly complicated plan to restructure hundreds of millions of dollars of debt on the utility company’s books.

Colonial Grand Transaction Gives Boost To Local Commercial Market

The commercial real estate market received a much-needed boost last week when Louisville, Ky.-based NTS Realty Holdings LP followed through on its plans to buy the Colonial Grand at Shelby Farms apartment complex for $41 million.

The Memphis News Brings More Readers In-Depth News

While other publications reduce staffing and shrink coverage, The Daily News Publishing Co. continues to grow.

Petties Drug Case Grows With Indictment

One of the largest drug cases ever filed in Memphis federal court got larger last week with another indictment – the sixth superseding indictment in six years.

Local Weather
Memphis, TN
Wind: Calm mph
Humidity: 79%


Talk Shoppe will meet today from 9 a.m. to 10 a.m. at the Better Business Bureau of the Mid-South, 3693 Tyndale Drive. The topic is “Top to Bottom: How to Do Real Estate Evictions” with Craig Beard, an attorney with Gotten, Wilson, Savory & Beard PLLC. The event is free and open to the public. For more information, call Jo Garner at 759-7808.

more events »

Ranta Elected Treasurer Of Southern Arts Federation

Frederick W. Smith, founder of FedEx, has received an honorary doctorate from the University of Memphis. Smith is chairman, president and chief executive officer of FedEx Corp. He oversees the company’s branches, including FedEx Services, FedEx Express, FedEx Freight and FedEx Office. Smith has served on the boards of several companies, including St. Jude Children’s Research Hospital and the Mayo Foundation. He is a member of the Business Roundtable and co-chairman of the Energy Security Leadership Council.

BofA Completes Deal for Countrywide Financial

CHARLOTTE, N.C. (AP) - Bank of America Corp. completed its purchase of Countrywide Financial Corp. Tuesday, making the Charlotte-based bank the nation's leading mortgage originator and servicer.

Fed Auctions $75 Billion to Ease Credit Stresses

WASHINGTON (AP) - The Federal Reserve has auctioned another $75 billion in loans to squeezed banks to help them overcome credit problems and announced it will provide a fresh batch of the loans this month.

Wachovia Quits Offering Risky Mortgage Loan

CHARLOTTE, N.C. (AP) - Beleaguered consumer bank Wachovia Corp. will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest, the company announced Monday.

Exports Fueled Manufacturing Growth in June

NEW YORK (AP) - U.S. manufacturing activity grew for the first time in five months in June, thanks to strong exports, but the minimal growth came as inventories climbed and prices rose for every commodity except copper, according to a private industry group Tuesday.

CIT Group Exits Home Lending Businesses

NEW YORK (AP) - CIT Group Inc. will sell its home lending business to Lone Star Funds for $1.5 billion in cash, plus $4.4 billion of assumed debt, in a move to exit the troubled mortgage arena and focus on its commercial finance operations, CIT reported Tuesday.

NWA Pilots to Get 2.4 Pct. Equity in New Delta

ATLANTA (AP) - Northwest Airlines Corp. pilots stand to get a nearly 2.4 percent equity stake in Delta Air Lines Inc. after the combination of the two companies is completed, according to a summary of a joint contract agreement reached between pilot negotiators from both carriers.

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MORTGAGES 100 162 18,210
BUILDING PERMITS 194 315 32,829
BANKRUPTCIES 57 116 10,129

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